Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 20 $ 11 $ 220 Purchase (Jan. 11) 12 $ 17 204 Purchase (Jan. 20) 23 $ 19 437 Total 55 $ 861 On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 20 $ 11 $ 220 Purchase (Jan. 11) 12 $ 17 204 Purchase (Jan. 20) 23 $ 19 437 Total 55 $ 861 On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:
Quantity | Unit Cost | Total Cost | |||||||
Beginning inventory (Jan. 1) | 20 | $ | 11 | $ | 220 | ||||
Purchase (Jan. 11) | 12 | $ | 17 | 204 | |||||
Purchase (Jan. 20) | 23 | $ | 19 | 437 | |||||
Total | 55 | $ | 861 | ||||||
On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31.
Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is
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